tv Real Money With Ali Velshi Al Jazeera March 28, 2014 5:30am-6:01am EDT
challenges from outside, something for the locals to discuss over a cup of coffee, obviously, i'm with al jazeera. >> and as always there is lots more on our website, al jazeera.com, get the latest on all the stories we are following, al jazeera.com. tonight i'm asking how would these be different if republican controlled washington. also, holy molely, the once secret world of vatican finances. just a few months ago, and this is real money.
join our conversation for the next half hour, or facebook.com/real money. america's money is said to bounce back with the spring thaw. if that's if you believe -- as it always does, the commerce department tweaked it's reading of the gross domestic product. and raised it to an annual rate of go .6%. was sharply higher consumer spending than what was first thought. and every economist will tell you that's important, because decisions made by american consumers drive more than two-thirds of all economic activity in this country. just 2%.
in january, february, and march, thanks in large part to a miserable, cold, gross winter in much of the country. sorry if that got a little personal, but i am done with winter with. back to the economy. you might want to keep your eyes peeled this spring. con can tracts to buy already built homes. to they lorest level. filing for unemployment benefits dropped last week, and the monthly average is now the loyest seen is since is sent is, that means companies have enough to keep their staff onboard. maybe they might even
hire. longer term, new data from the federal reserve, show a slinking work force, and lower unemployment rates heading forward, all of this is fine but workers still have two pressing issues. widening income and equality, and what appears to be a continual hollowing out of america's middle class. and funds the government with the taxes it pays without a healthy middle class, we all lose. rich or poor. my next guest says the best way to address the gap and help the middle class is to change or reform the tax code. he was chairman of the council of economic advise discoers during two second term, that maze him the chief economic advise discoer. in 2008, and 2012, he is now dean of the columbia
business school in new york, and he joins us now, glen, good to see you. >> thank you, my pleasure. >> what do you think of micaization there? i think we all agree, no matter where we are in the political speck infrastructure, that we have inequality, and the hollowing out of the middle class. >> ifully the real issue is opportunity. and there what we have to do is relatively improve the ability of every american to be able to have meaningful work. to my mind that's about increasing support from the earned income tax credit, that would reward work. not the world we live in right now. opportunity is critical for the united states. >> explain to me what you mean, labor laws come from the 1930's.
>> that were with predicated you lose a job, you need support, and then you will go back. most people's troubles are much longer term than that. and we know that we have a lot of long term unemployed who need more support. they need different kinds of income support, extending benefits is just keeping away from work. the goal out to be getting people to work, you can upward mountain, would it you don't. >> let me ask you this, when you talk about opportunities for retraining, is that a government responsibility? because the private sector hasn't done enough to pick up on that. we have a whole bunch of unemployed workers but we hear about skills gaps and people not trained for the right work, how does that get fixed. >> well, absolutely is. i think from the private sex is tor, we have to give the jolt to the economy that makes business leaders want how tire. we know we have programs
that aren't working, can we repurpose them? can we give more money to states and directly to individual whose are long term unemployed to help them with training. we have to rethink how we are helping americans. >> should that money -- because it's been a rep monothat that people can do better with their own money. 'do you mean if they use it for retraining or just give them money and hope they do better with it. >> i think what with you can do for longterm u.n. criminal employed or perspective long term unemployed is things like personal re-employment, that will give an individual an at amount of money, and a bonus for finding a job quickly. there are a lot of ideas that we can experience with, extending insurance just isn't is the best of them. >> where are we most likely to hear those ideas? are these -- are there people that sit around and tell people that are running for office, in the upcoming elections these are workable that
will sound is palatable, as you know, when you get into the word of politics it is just one team screaming against the other, and most americans say i don't have viables solutions i hear somebody saying the other guy is wrong. >> well, it is time for viable solutions perception. we can't simply say don't increase the minimum wage, you have to say what are you going to do for opportunity, i think you will hear a lot of republican candidates doing just that, and i think democratic candidates. >> agreed. >> it is a solutions issue. >> so here is an issue. guys like me talk about tax reform, except a guy like me doesn't know anything about comprehensive tax reform. you in government, what does it look like, it is a long process. >> it is a long process, but it is important to step back and see how important it is. every year for a decade. i can't imagine a policy that big, it is a big
process, because it involved changing a very complicated code, broadening the base, lowers rates, but we are up to this. i can't imagine inning that would give the economy a better jolt. >> the third quarter of 2013 came in at annual rate of 2.6%. hot, cold, medium? is that enough? is is that okay? >> i would say it is medium. but if you want to have an employment recovery, which in my mind out to be job one. the dean of the columbian business school. >> more than six melamines have now signed up for healthcare coverage marking another milestone for the signature health law, it was just ten days ago i reported enrollment has reported 5 million.
to have some form of health coverage or pay a penalty next year. it could be as high as 1% of your taxable income. just yesterday the white house revealed details of a special sign up period for people that couldn't complete enrollment. a that no one can enroll on government exchanges until november. remember that if you are planning to do this, once you get past that, you don't get another chance until november. well, for ages the financial dealings of the catholic church were with completely shrouded in secrecy. >> it is a value can thing, and is the value is can has always a said -- belt that we are special, we don't have to talk to people, we don't have to explain. >> pope francis and his push for transparency, i will go insight the fight for the best talent in america. that story and is more as real money continues.
both my parents are journalists. my grandfathers are journalists. it's just something that's in the blood. there are so many stories out there that need to be told. we want to go in to the trenches, we want to go in the corners that are less looked at. everyone at al jazeera america is dedicated to tell the story the best way that it can be told. >> the next two years to pay bills and avoided default. and the $18 billion grow to blatche blatche . >> the ukraine.
is siddys and let theub currency decline among other things and ukraine's parliament approved those measures. while saving the economy is also on the table during today's face to face meeting, and pope francis. >> the growing divide between the word's rich and poor travel with the president in rome. >> it was a day of ceremony, symbolism, and some is substance, as president obama traveled to the vatican to meet with the new pope for the first time. >> i'm a great add snyder the president said as he greeted the holy father. later they sat face to face at a simple wooden desk, it was the pope's working desk. the meeting went long, the two men do snare a shook's, the goaling gap between with rich and poor. and when they parted company, there was an exchange of gifts.
that were with said to symbolize the need for peace. he also presented the president with a copy of his work the joy of the gospel. that has served as a road map for the church. evesly there was one area of disagreement, employees have access to contraceptive coverage, that is opposed by the catholic church. in a statement after the meeting the vatican made a reference to that. saying there was a discussion on questions the exercise of rights to religious freedom. life, and conscientious objection. the president appears later in a press conference with the italian prime minister, and down played the dispute. we didn't take a whole lot about. >> the president said it did come up briefly.
ukraine was again at the top of the agenda, both with the pope and the prime minister. stressing the need to stabilize the economy. and the president says one more night in rome, two with days in all, in the morning he leaves for a trip to saudi arabia, to pend fends with a long time alley, they have been upset is with the policies to both syria and iran. traveling with the president in rome, al jazeera. >> now, as any self-respecting fan of dan brown novels knows the vatican is long been a lightening rod for scandal, especially those involving the 125-year-old vatican bank, or the incity fusion for religious works. having operated for decades under a cloak of secretsy, the bank filed it's first annual report. revealing that in 2012, it had net profit of over 86 million euros and had nearly 5 billion euros in assets.
so why the drive for greater transparency? we have the story. >> 82, than banker nicknamed god's banker for his clot ties is found dead, his body hanging below the bridge. which has surrounded the bank. >> all banks are secretive, secondly it is a vatican bank, and it has always felt that we are special, we don't have to talk to people, we don't have to explain. you know it isn't a democracy is, and is the church is above judgement. banking activities were suspect, the 1996 book his holiness claims pope john paul ii funnels money through a discretionary vatican account. >> regardless ofspection,
the vail of secretly started to slip after the financial crieses galvanized. a drive which gained greater urgency inside is the vatican, after allegations of corrupt purr which ising practices surveillance fashioned in letters leaked to the press. the swiss lawyer cleaning up the banking system to bring the vatican in line with global transparency standards. >> the past, whenever they had a problem, a scandal, they appointed a bump of cardinals to look into it, this man is admires all over the world for his competence, in this kind of an area, so this -- and this is a man who is not depend on the favor of any cardinal. >> in february 2013, pope benedicts bake the first in nearly 600 years to resign. leaving it to a successor
is pope francis to carry on. >> this one with involved a former vatican accountant, charged with laundering millions of euros to the bank, pope francis tapped to have a newly formed secretary of the economy. a financial watchdog reported direct my to the pontiff. >> he going to push for more accountability in the vatican. now count can me to tell him you are not cooperating. >> may also have is the power to bring internal audits the most concrete signal yet of pope francis' intention, to shine a light, however, bright on the vatican financial affairs. am al jazeera, new york. >> it should point out that the bank isn't a
bank in the tradition gnat sense, it does hold dispose sits for 19,000 customers. mostly catholic institutions. a bold move now from the brand new boss at microsoft, if you have an ipad this story is for you, coming up next, plus, the cut throat world of poaching in silicon valley, you are >> we have to move out of here right now >> i think we have a problem... >> we have to get out of here... >> they're telling that they they don't wanna show what's really going on... >> mr. drumfield, i'd like to speak to you for a minute... >> this is where columbia's war continues... >> ...still occupied... >> police have arrived... you see the blast scars from a bomb that went off...
everybody wanted to hear how the new guy would reinvent the giant. microsoft is signature will soon run on apples tablet computer, the ipad. generally speaking to wind with does products only. new ceo addressed reporters for the first time. he said this in a sense is is a cloud for every person and every mobile device. our tech recorder joins us, san francisco, with more, jake, what led to this and how has it been received?
it's a poor cry from the original creed doe, which was a p.c. on every desk in every home. he is talking about every device, they are justifying to show that they get mobile that's what they are after here. >> is this going to help. >> i think the power office users are the people that really rely on the deep functions of things. that said, google makes it's own alternatives apple does as well. so they are not -- and surface their strategy was such a disaster, i think they decided go with what is is used well, and let's give it to them on every
platform. that's the fastest growing sector, and they don't have a foothold in either one. >> let's see how this works out, always good to see you, no secret, that competition to snag top talent in silicon valley is fierce. but a class action lawsuit is is is now understood covering secrets about how far some c.e.o.s including steve jobs may have been willing to go. some have called it wage fixing that limits employee pay and job opportunities for as many as 1 million workers. not many people have as much insight than michael. he is the c.e.o. of reputation.com. have you been involved. >> no, no known calls, nothing. >> how does this work? clearly -- you are all going after a similar pot
of people? generally speaking. one statistic says there's only 2,000, can you imagine only 2,000 amazing engineers. and goes of course to the immigration debate. >> sure. >> because so many people want to come here, and they don't have a good immigration policy, so is what has happened. 2005 it appears from emails have emerged steve jobs corporal add few other senior people including members of his board. and really compelled them to make sure they wouldn't try to recruit one another's talent. the net losers are of course the engineers because engineers are in high demand.
this is a why to have a law in effect for your own engineers at apple. >> is there -- do you think there's merit. because the software do make a good amount, compared to the national average income. it does feel like there's an anticompetitive idea here. now, engineers are very mobile, very very -- and there's no indication at least as i have seen that apple said we will not hire anyone that affly from a google or so is forth. and the number one talent pool, is recruiters actively trying to poach. so you have to go to a company that's less big, what is the difference here, some people with families don't want to work pat a start up like mine. some higher risk, they want with to look at the larger more still companies with with more regular work with schedule. so that might have limited the opportunities. apple, google, maybe
adobe, so it is worrisome. it feel as little bit like is shine is is off the heros we have. >> could it have effected you and your ability to hire? it would have been bad for my ability to retain. are preventing from attacking each other's employee pools then where do they poach, they poach my guy. so it is bad for the little guy. >> how does the little guy operate? >> you are all competing. one with is stock options. and two is a better culture with more exciting hard problems where you as an individual contributor or small team leader can have a company wide impact.
you can't have a large impact, as a, worst nightmarer drone, even an engineer worker drone in a large company. so you can feel that impact, when you work at a company. >> you have been around for some is years, i see you still calling yourself start up, do you have -- is that what you have to sell is? >> well, we with are a late stage, and is so, of course, it is extremely exciting to work -- of course we still sell is that, it is part of the dream. and of course 190 people or so is, one with person can still make or break the company people feel that. >> the author of a great book called wild west 2.0, how to retore and protect your reputation on the untamed social frontier. i am glad you talked about immigration, because i'm heading to arizona, i will tell my viewers about that. america, of course, started out as a nation of immigrants and it remains the most recent data show the population includes 40 million people born outside of the ice.
now, more than 11 million of those folks are undocumented. some people call them illegal. regardless, many people in this country, including lawmakers agree. that we need to put politics aside, and is tackle the issue of immigration reform. in a comprehensive way. once with and for all. so, this show and by the way, all of al jazeera america, is is going to devote considerable time and resources to covering the challenges facing immigrants and the challenges to the country for not handling the immigration debate properly. how immigration is shaped america's identity, and our economy, sometimes are not things you hear enough about. tomorrow i will join you as i said from arizona, a state where many people have made a strong case for the need for more secure borders. arizona is also a state where the agricultural industry, like in much of the country, denneds on migrant workers.
it will also be undocumented that employ u.s. citizens, immigration is an important issue that deserves thoughtful informed reporting, and that is exactly what we promise to bring you this the weeks to come, immigration from people who come across the boarder is is only one form of challenge in this country, we also have a deal with the other side. talented and skills workers that this country needs to maintain it's supremacy in technology. plus, a huge jobs role whatsoever effort that will reveal how the country is holding up. that's all next week, 7:00 p.m. eastern, 4:00 p.m. specific right here on al jazeera america that's our show for today, thank you for joining us.
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